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PD Ports Backs
New Suitor's Bid

Dow Jones Newswires

Updated Dec. 12, 2005 12:01 a.m. ET

LONDON &ndash; A unit of Australian fund Babcock & Brown Infrastructure Group said it is offering 150 pence ($2.63) a share for U.K. port operator PD Ports PLC, valuing PD Ports at about &pound;260 million ($456 million).

Babcock & Brown said PD Ports' directors have unanimously agreed to recommend its cash offer. PD Ports directors are withdrawing their earlier recommendation of an offer from a rival consortium.